
Our mission is to increase economic freedom in the world
Crypto is updating all aspects of the financial system; Agentic Finance is an accelerantQ3'26 EARNINGS
Total Market Crypto Trading Volume1 has grown 41x over the past ~7 years
$11TTotal Market Crypto Trading Volume
in Q3'26
StablecoinsStablecoin Market Cap2 of $304B, expected to 10x to $3T by 20303
$304BStablecoin Market Cap as of Q3'26
TokenizationTokenized RWA Supply of $39B, expected to reach $16T by 20304
$39BRWA Market Cap as of Q3'265
Agentic FinanceAgents forecasted to process
$3-5T of transactions by 20306. Crypto is the native execution rail for the agent-led economy:
Global
Efficient
Programmable
Always on (24/7)
2019 2020 2021 2022 2023 2024 2025 2026
2019 2020 2021 2022 2023 2024 2025 2026
2019 2020 2021 2022 2023 2024 2025 2026
[1] Refer to Definitions in the appendix for Total Market Crypto Trading Volume. [2] Stablecoin Market Capitalization is the total U.S. dollar equivalent value market capitalization of substantially all stablecoins on the last day of the quarter based on data obtained from CoinDesk Data, CoinMarketCap, and
CoinGecko. [3] Per remarks delivered by Treasury Secretary Scott Bessent on November 12, 2025. [4] Source: Boston Consulting Group and ADDX. [5] Source: rwa.xyz, reported as Distributed Asset Value which measures the total value of real-world assets tokenized onchain, excluding stablecoins. 4
[6] Source: McKinsey.
Coinbase is uniquely positioned to capitalize on this transformation
Q3'26 EARNINGS
Most Trusted
1
#1
Platform for crypto stored globally
80+
Licenses; global regulatory foundation
Global Liquidity
2
#1
U.S. Crypto Spot Trading Volume Market Share1
10.7%
Coinbase Crypto Trading Volume Market Share1
Stablecoin Platform
3
#1
Regulated stablecoin -Average USDC Market Cap of $73B in Q31
$22B
Average USDC Held in Coinbase Products1
Repeatable Innovation
4
82%
Prediction markets revenue quarterly compound growth since launch
49%
Subscription & Services as % of total net revenue in Q3
[1] Refer to Definitions in the Appendix for U.S. Crypto Spot Trading Volume Market Share, Average USDC Market Capitalization, Coinbase Crypto Trading Volume Market Share, and Average USDC Held in Coinbase Products. Trading volume measurements represent the U.S. dollar equivalent value of the product of the quantity of assets transacted and the trade price of the underlying asset at the time the transaction was executed.
5
Q3 2026 Highlights
Annualized prediction markets revenue in Q31
$200M+
Average USDC Held in Coinbase Products2
↓
↓
49% Y/Y
Coinbase Crypto Trading Volume Market Share2
↓
10.7%
vs. 5.6% in Q3'25
Assets on Platform2 % of Total Crypto Market Capitalization2
Flat Y/Y, maintaining peak level
12.5%
Average Daily
Loan Book Balance2
74% Y/Y
Paid Coinbase One Subscribers2
24% Y/Y
↓
↓
↓
[1] Measured based on when the product generated $200 million in quarterly annualized net revenue for the most recent qualifying quarter. [2] Refer to Definitions in the Appendix for Average USDC Held in Coinbase Products, Average Daily Loan Book Balance, Coinbase Crypto Trading Volume Market Share, Assets on Platform, Total Crypto Market Capitalization, AOP as a % of Total Crypto Market Capitalization, and Paid Coinbase One Subscribers. Trading volume measurements represent the U.S. dollar equivalent value of the product of the quantity of assets transacted and the trade price of the underlying asset at the time the transaction was executed.
Continued to grow Crypto Trading Volume Market ShareQ3'26 EARNINGS
5.6%
Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26
Note: This definition and the figures above have been adjusted to capture the impact of Stablecoin Conversion activity on our platform during the period of measurement.
2.0%
1.8%
2.2%
2.6%
2.8%
4.9%
6.3%
7.1%
8.4%
9.1%
10.3%
10.7%
Coinbase Crypto Trading Volume Market Share1
Fourth consecutive quarter of growth in Crypto Trading Volume Market Share, driven by gains in both spot & derivatives
Spot share gains driven by stablecoin demand globally
Derivatives share growth driven by momentum across our products
INTX/Deribit integration completed in October; some near-term volatility in volumes expected as participants adjust to combined platform
[1] Refer to Definitions in the Appendix for Coinbase Crypto Trading Volume Market Share. Trading volume measurements represent the U.S. dollar equivalent value of the product of the quantity of assets transacted and the trade price of the underlying asset at the time the transaction was executed. Coinbase Crypto Trading Volume Market Share relies in part on third-party data and a proprietary competitor set, which may be refined over time. Figures are presented rounded; trend commentary may reflect unrounded data. Previously reported figures may not be revised if the change is immaterial, in accordance with applicable policies.
7
Coinbase stores the most crypto in the world; return to peak AOP market shareQ3'26 EARNINGS
Assets on Platform1 and % of Total Crypto Market Capitalization1
Assets on Platform ($B)
% of Total Crypto Market Cap1
12.5%
12.3%
12.5%
12.1%
12.0%
11.9%
12.0% 12.0%
$516
11.2%
11.2%
11.2%
11.0%
$404
$425
$376
$377
$323
$328
$294
10.2%
$261 $264
$246
$191
$114
Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26
Returned to peak levels of AOP market share & expanded lead as the largest platform for crypto stored globally
Q3 inflows to ETFs we custody; offset nearly all outflows since last year
Continued trend of strong native unit growth across customer base
Benefits from asset mix as blue chips like BTC & ETH had stronger performance than market in Q3
[1] Refer to Definitions in the Appendix for Assets on Platform, Total Crypto Market Capitalization, and AOP as a % of Total Crypto Market Capitalization.
8
Leading stablecoin platform, with ~30% of Average USDC Held in Coinbase Products
~9x USDC Held in Coinbase Products
Average USDC Held in Coinbase Products ($B)
$76
$75
$77
$73
$68
$61
$54
$38
$33
$35
$26
$28
$25
Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26
Average USDC Held in Coinbase Products1 and Average USDC Market Capitalization1
~3x USDC Circulation
Average Off-Platform USDC Balances ($B)
$3
$3
$4
$6
$7
$8
$12
$14
$15
$22
$19
$20
$18
Note: Figures presented may not calculate precisely due to rounding.
[1] Refer to Definitions in the Appendix for Average USDC Held in Coinbase Products and Average USDC Market Capitalization.
Q3'26 EARNINGS
New ATH of $22B Average USDC Held in Coinbase Products in Q3, or ~30% of average USDC Market Cap
Reflects full quarter impact of Hyperliquid USDC balance, which arrived in June
Over the past year, we have captured ~50% of all USDC economics; onchain partnerships and deeper product integration driving greater USDC adoption
9
2026 PrioritiesQ3'26 EARNINGS
1
Everything Exchange
Trade every asset class in one place: crypto, equities, prediction markets, commodities, and FX with deep liquidity and capital efficiency.
2
Stablecoins & Payments
Enable money to move globally at the speed of the internet.
3
Onchain
Update the financial system by bringing trading, payments, and agents onchain.
10
1
Derivatives outpaced the market, continued volume market share gainsQ3'26 EARNINGS
Crypto Derivatives Trading Volume1 TTM ($B)
Crypto Derivatives Trading Volume (TTM) Crypto Derivatives Trading Volume Market Share1 (TTM)
$4,224
$4,221
$4,341
$3,996
$3,241
$2,520
$1,570
$851
$311
Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26
-
Building broadest suite of regulated derivatives globally
Derivatives volume continues to outpace the market
179% compound annual growth last 2 years
Leading open interest in global options; ATH open interest in the U.S.
4th consecutive quarter of derivatives trading volume market share gains
- What's Next:
INTX/Deribit integration completed in October, creating the only unified, regulated, global exchange for U.S. and ex-
U.S. customers
Some near-term volatility expected as participants adjust
Coinbase Pro relaunch in Q4 - spot, futures, perpetuals, options, and equities in a unified portfolio for more buying power and a modular, advanced trading platform
[1] Refer to Definitions in the Appendix for Crypto Derivatives Trading Volume and Crypto Derivatives Trading Volume Market Share.
11
1
Prediction markets grew to over $200M in annualized revenue1
Q3'26 EARNINGS
Prediction Markets Revenue
82% Quarterly
Compound Growth
Q1'26
Q2'26
Q3'26
-
One of our fastest growing products by revenue in history
Diversified contract mix with non-sports categories showing strong growth through seasonally slower sports months
Recurring contracts (e.g., crypto volatility) driving durable engagement between major events
- Expanding user base and growing platform engagement
Daily traders up 60%+ Q/Q2
Incrementality: users who trade predictions are driving incremental spot volume
- What's Next:
Broaden Engagement: event hubs (e.g., midterms), CB1 integration, and a new prosumer product
Improving Economics: building toward USDC-native, in-house clearing and end-to-end infrastructure
[1] Measured based on when the product generated $200 million in quarterly annualized net revenue for the most recent qualifying quarter. [2] Measured as daily users that executed a predictions markets trade, averaged over the period of measurement.
12
1
CB1 Subscribers are our most valuable users... and reached a new all-time high in Q3Q3'26 EARNINGS
Membership benefits | Basic $4.99/mo ⦁ $49.99/yr | Preferred $29.99/mo ⦁ $299.99/yr | Premium $299.99/mo ⦁ $2,999.99/yr |
Zero trading fees5 | $500/mo | $10K/mo | Unlimited |
Staking rewards boost | 5% more | 10% more | 15% more |
Account protection6 | $1K coverage | $10K coverage | $250K coverage |
Paid Coinbase One Subscribers1 have:
3.5x
Higher ARPU2
4.2x
Higher Balancesper User3
50%+
Higher LT Trading Retention4
USDC benefits 3.75% APY rewards on USDC and up to 7%+ when lending USDC7
Coinbase One Card Up to 4% BTC back, 5% back on travel8
Additional benefits 1% back on mortgages, free wire transfers, priority support/concierge, and more
[1] Refer to Definitions in the Appendix for Paid Coinbase One Subscribers. [2] Measured as revenue generated across trading, staking, instant transfer, Borrow/Lend products, and subscriptions on a per user basis for Paid Coinbase One Subscribers relative to non-subscriber retail users during the period of measurement. Non-subscriber retail users are consumers that generated revenue during the period of measurement. [3] Measured as the value of the balance in a consumer account at the end of the period on a per user basis for Paid Coinbase One Subscribers relative to non-subscriber consumers. Non-subscriber consumers are consumers that have non-zero account
balances as of the date of measurement. [4] Measured as long-term trading retention of Paid Coinbase One Subscribers relative to non-subscriber retail trading users. Non-subscriber retail trading users are consumers that are not subscribed to Coinbase One and completed a trade during the period of measurement. Long-term trading 13
retention is measured as the average quarterly trading retention of users over a two-year lookback period. Trading retention is measured as the percent of users completing at least one trade during the period of measurement. [5] Spot crypto trades only. Coinbase Advanced and DEX fees excluded. A spread applies. [6] Limited warranty against unauthorized crypto transfers. [7] Rewards rates and lending rates are subject to change. [8] Rewards rates are tiered at 2%, 3%, and 4%, based on your assets on Coinbase. Note: Some membership benefits are not available in all regions and are not available to all users.
2
Scaling stablecoin payments on Coinbase infrastructureQ3'26 EARNINGS
Powering businesses with full stack stablecoin solutions
Coinbase Developer Platform TPV1
160% Quarterly Compound Growth
Q4'25
Q1'26
Q2'26
Q3'26
[1] Coinbase Developer Platform Total Payments Volume refers to the U.S. dollar equivalent value of completed payment transactions processed through Coinbase Developer Platform payment products during the period of measurement. Coinbase Developer Platform TPV includes volume from payment acceptance, payments APIs, manual custody transfers, payment orchestration, consumer-facing payment flows, third-party activity via authorized OAuth integrations, and fiat-crypto or fiat-stablecoin funding transactions. x402 micropayment protocol volume is not included in this figure.
14
3
Base is a leading infrastructure for onchain trading, payments, and financingQ3'26 EARNINGS
Base is a leader across trading and onchain capital markets
#1
L2 for spot crypto trading in Q31
#1
L2 in DeFi Total Value Locked as of Q32
Coinbase Average Borrow/Lend Balances3 ($M)
$1B+ Y/Y growth
$1,866
$1,491
$1,330
$1,230
$610
Q3'25 Q4'25 Q1'26 Q2'26 Q3'26
Coinbase Tokenized Stock Volume4
$1B+ volume on Base since launch
08/19 08/26 09/02 09/09 09/16 09/23 09/30
[1] Spot crypto trading refers to the total U.S. dollar equivalent value of crypto and stablecoin pair spot trading settled on decentralized exchanges on major L2 blockchain networks. This figure excludes tokenized equities volume. Source: DefiLlama and Allium. [2] DeFi total value locked
("TVL") refers to the total U.S. dollar equivalent value of assets held in smart contracts of all protocols on major L2 blockchain networks as of the date of measurement. Source: DefiLlama. [3] Refer to Definitions in the Appendix for Average Borrow/Lend Balances. [4] Coinbase Tokenized Stock 15
Volume refers to the total U.S. dollar equivalent value of trading volume in tokenized equities for which Coinbase is the tokenizer, settled on the Base blockchain network. Source: Token Terminal.
The future of finance is onchain, and Coinbase is best positioned to power itQ3'26 EARNINGS
1
The onchain economy has reached escape velocity
2
Coinbase's full stack platform is powering it
3
The next frontier is agentic and on Coinbase
16
Q3 Summary Financial Results
Q3'26 EARNINGS
Total revenue
$1.2BTransaction revenue
$590MSubscription & services revenue
$570MNet income
$719MAdjusted EBITDA1
$333MCash & cash equivalents
$8.6B[1] Adjusted EBITDA is a non-GAAP financial measure. See Appendix for definition and reconciliation.
Q3 Report CardQ3'26 EARNINGS
The business is healthy Continued Gains in Crypto Market ShareGrew Coinbase Crypto Trading Volume Market Share4 for 4th consecutive quarter, gaining share in both Spot and Derivatives
Prediction Markets are Scaling Rapidly$200M+ annualized revenue1; 82% quarterly compound growth2
Diversification through Subscription & ServicesS&S grew +3% Q/Q to 49% of net revenue
Managing ExpensesAdjusted Expenses3 lower than Q3 outlook
Macro headwinds have begun to shift Q3 Showed Soft Crypto Market Conditions...Total Market Crypto Spot Trading Volume⁴ and Total Market Crypto Derivatives Trading Volume⁴ declined 6% and 11% Q/Q, respectively
...and Low Average Volatility...Crypto Asset Volatility4 declined 15% Q/Q and reached new multi-year lows suppressing trading activity
...but Prices Rebounded in SeptemberTotal Crypto Market Capitalization4 was up 37% Q/Q
[1] Measured based on when the product generated $200 million in quarterly annualized net revenue for the most recent qualifying quarter. [2] Since launch. [3] Adjusted Expenses is a non-GAAP financial measure. See Appendix for definition and reconciliation. [4] Refer to Definitions in the Appendix for Coinbase
Crypto Trading Volume Market Share, Total Market Crypto Spot Trading Volume, Total Market Crypto Derivatives Trading Volume, Crypto Asset Volatility, and Total Crypto Market Capitalization. 18
Q3 results reflect continued expense discipline in the face of macro headwindsQ3'26 EARNINGS
Metric | Q3 Outlook (July 2026) | Q3 Actuals |
Subscription & Services Revenue | $500-$580 million | $570 million |
Transaction Expenses | Mid-teens as a % of net revenue | 16.8% |
Adjusted Expenses1 | $980-$1,080 million | $975 million |
Stock-based Compensation | ~$245 million | $233 million |
[1] Adjusted Expenses is a non-GAAP financial measure. See Appendix for definition and reconciliation. 19
Total revenue of $1.2B stable Q/Q as market sentiment began to shift
Total Revenue
TTM Total Revenue Total Revenue ($M)
$2,272
$2,034
$1,869
$1,781
$1,638
$1,450
$1,497
$1,413
$1,205
$1,220 $1,216
$954
$674
Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26
[1] Refer to Definitions in the Appendix for Total Market Crypto Trading Volume, Average Crypto Market Capitalization, and Crypto Asset Volatility.
Q3'26 EARNINGS
$1.2B total revenue was flat Q/Q against a backdrop of a decline in Total Market Crypto Trading Volume1
(-10% Q/Q) and flat Average Crypto Market Capitalization1
Transaction revenue declined 1% Q/Q as Crypto Asset Volatility1 reached multi-year lows
Subscription & services represented 49% of net revenue, providing diversification and support independent of transaction revenue
20
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